Inflows into Ethereum exchange-traded funds (ETFs) have turned positive for the first time in two weeks.
Nine U.S. spot Ether (ETH) ETFs recorded a cumulative net inflow of $5.9 million worth, marking their first strong day since Aug. 14.
BlackRock's ETF (ETHA) saw the largest single-day inflows, at $8.4 million, according to Far Side Investors. data.
Ethereum ETF flows (USD, million). Source: Farside Investors
Inflows turned positive as outflows from Grayscale's Ethereum ETF (ETHE) slowed, with the ETF seeing its smallest daily outflows in over two weeks at $3.8 million.
However, Grayscale has sold more than $2.5 billion worth of Ether since the ETF began trading on July 23, which could create further selling pressure.
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Ethereum price falls 25% since ETH ETF launch
Despite widespread anticipation over the historic debut of a U.S. Ethereum ETF, ETH prices are trending lower.
Since the ETH ETF debuted over a month ago, the price of Ethereum has fallen more than 25% from $3,441 at its launch on July 23 to its current price of $2,561 as of 2:14 p.m. UTC.
ETH/USD, 1-day chart. Source: TradingView
To put it in perspective, Ethereum’s price is up about 13% year to date and over 56% in the past year.
Investors had anticipated a significant price boost from the launch of an Ethereum ETF, and in the case of Bitcoin (BTC), spot ETFs accounted for roughly 75% of new investments into the cryptocurrency as it surpassed the $50,000 mark by Feb. 15.
Related: Analysts predict Ethereum whales will buy in large quantities as ETH nears bottom
Ethereum is trapped at the critical $2.7K resistance
According to Aurélie Barthère, lead research analyst at the Nansen on-chain analytics platform, Ethereum price remains below the key resistance level of $2,700.
The analyst told Cointelegraph:
“2.7k is the next resistance level for ETH, but there is not enough evidence to have broken through it yet, as the price has not sustained above this resistance for a long enough period or with enough volume.”
ETH/USD, 1-day chart. Source: Nansen
According to CoinGlass, if the cryptocurrency rises above $2,700, it would lead to the liquidation of $362 million worth of accumulated leveraged short positions across all cryptocurrency exchanges. data.
ETH exchange liquidation map. Source: Coinglass
Meanwhile, traders are eyeing the possibility of Ethereum surpassing $3,000 in October as the market recovers from a summer liquidity crunch.
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